Golden Gateway Financial’s new prepaid card for reverse mortgage

Golden Gateway Financial, a comprehensive online financial resource for senior citizens, announced that it launched two new services this week. Now it is offering a prepaid card program for reverse mortgage proceeds and a service that enables senior citizens to have their critical monthly bills automatically paid out of their reverse mortgage income.

By means of the Golden Gateway Financial Your Money Prepaid MasterCard®, issued by The Bancorp Bank, reverse mortgage borrowers can immediately and securely receive their monthly proceeds on a reloadable prepaid card instead of a check. Then they can use the card to make purchases anywhere MasterCard debit card is accepted. Additionally users can check their balance and track transaction history by logging into their online accounts.

Apart from allowing the cardholders to track their income and expenses each month the service also eliminates the need in check cashing services in order to prevent mailbox theft.